Treasury<p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector.</p><p> </p><p>Government engages closely with representatives of the credit union sector throughout the UK to understand how credit unions may best be supported. This includes speaking to Northern Ireland specific trade bodies and maintaining an ongoing relationship with the devolved Department for Economy in Northern Ireland to understand any issues specific to Northern Ireland’s credit union sector.</p><p>Government’s engagement with the credit union sector includes ongoing consideration of its legislative framework. For example, in 2014 Government conducted a Call for Evidence (‘British Credit Unions at 50’) on credit unions. Several respondents asked for changes to the legislation governing credit unions, and in its response, Government committed to actively consider legislative changes in the next Parliament. At Autumn Budget 2017, Government committed to raising the geographical common bond limit for credit unions from 2 to 3 million. This change came into effect in April 2018.</p><p>All changes to credit union legislation must be considered alongside the need to maintain an appropriate regulatory regime for credit unions. A looser legislative framework would likely require increased regulation which might be inappropriate for small, community based institutions.</p>Biography information for Lord BatesLord Bates2018-06-27HL8595false2018-06-27T14:03:17.73Z14TreasuryTreasury2018-06-13Credit Unions2House of LordsTo ask Her Majesty's Government what plans, if any, they have to review the legislation covering credit unions.falseBiography information for Lord Kennedy of SouthwarkLord Kennedy of SouthwarkHL8594Treasury<p>Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms. The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>I have regular meetings with the PRA to discuss a range of ongoing policy issues, including in relation to credit unions.</p><p> </p><p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p>Biography information for John GlenSalisburyJohn Glen2019-05-13251440false2019-05-13T14:26:34.347Z14TreasuryTreasury2019-05-07Credit Unions1House of CommonsTo ask the Chancellor of the Exchequer, pursuant to the Answers of 29 April 2019 Questions 246542, 246543 and 246544 on Credit Unions, what discussions he has had with the Prudential Regulation Authority on changing capital requirements for credit unions.falseBiography information for Chris StephensGlasgow South WestChris Stephens251439Treasury<p>Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms. The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>I have regular meetings with the PRA to discuss a range of ongoing policy issues, including in relation to credit unions.</p><p> </p><p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p>Biography information for John GlenSalisburyJohn Glen2019-05-13251439false2019-05-13T14:26:34.287Z14TreasuryTreasury2019-05-07Credit Unions1House of CommonsTo ask the Chancellor of the Exchequer, pursuant to the Answers of 29 April 2019 Questions 246542, 246543 and 246544 on Credit Unions, whether it is his Department's policy to support the Prudential Regulation Authority on decisions to change the capital requirements for credit unions.falseBiography information for Chris StephensGlasgow South WestChris Stephens251440Treasury<p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms.</p><p> </p><p>The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p>Biography information for John GlenSalisburyJohn Glen2019-04-29246543246544false2019-04-29T14:19:31.16Z14TreasuryTreasury2019-04-23Credit Unions1House of CommonsTo ask the Chancellor of the Exchequer, what assessment he has made of the effect of discontinuities in credit union capital requirements on credit unions' capacity to grow assets beyond £10 million; and if he will make a statement.falseBiography information for Chris StephensGlasgow South WestChris Stephens246542Treasury<p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms.</p><p> </p><p>The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p>Biography information for John GlenSalisburyJohn Glen2019-04-29246542246544false2019-04-29T14:19:31.207Z14TreasuryTreasury2019-04-23Credit Unions1House of CommonsTo ask the Chancellor of the Exchequer, what representations he has received on changing credit union capital requirements; and if he will make a statement.falseBiography information for Chris StephensGlasgow South WestChris Stephens246543Treasury<p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms.</p><p> </p><p>The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p>Biography information for John GlenSalisburyJohn Glen2019-04-29246542246543false2019-04-29T14:19:31.253Z14TreasuryTreasury2019-04-23Credit Unions1House of CommonsTo ask the Chancellor of the Exchequer, what plans he has to change credit union capital requirements to support credit unions to grow assets beyond £10 million; and if he will make a statement.falseBiography information for Chris StephensGlasgow South WestChris Stephens246544HM Treasury<p>The Government does not hold information on the numbers of credit union members or their total savings or lending by region. The data is held by the Prudential Regulation Authority and the Financial Conduct Authority.</p><p> </p><p> </p>Biography information for Andrea LeadsomSouth NorthamptonshireAndrea Leadsom2014-06-11199109199110false2014-06-11T15:41:54.7225924Z14TreasuryCaTreasury2014-06-04Credit Unions1House of CommonsTo ask Mr Chancellor of the Exchequer, what estimate he has made of (a) the number of members of credit unions and (b) their total savings in each (i) region of the UK and (ii) London borough in (A) 2010-11, (B) 2011-12, (C) 2012-13 and (D) 2013-14; and if he will make a statement.falseBiography information for Gareth ThomasHarrow WestMr Gareth Thomas199108HM Treasury<p>The Government does not hold information on the numbers of credit union members or their total savings or lending by region. The data is held by the Prudential Regulation Authority and the Financial Conduct Authority.</p><p> </p><p> </p>Biography information for Andrea LeadsomSouth NorthamptonshireAndrea Leadsom2014-06-11199108199110false2014-06-11T15:41:55.0515963Z14TreasuryCaTreasury2014-06-04Credit Unions1House of CommonsTo ask Mr Chancellor of the Exchequer, how many people were members of a credit union in each (a) region of England and (b) each borough of London in (i) 2011-12, (ii) 2012-13 and (iii) 2013-14; and if he will make a statement.falseBiography information for Gareth ThomasHarrow WestMr Gareth Thomas199109Department for Work and Pensions<p>The contractor for the Credit Union Expansion Project (CUEP) facilitated access to a standardised banking service. This banking platform allows credit union members to receive a range of banking services and benefit from more affordable credit. The platform is currently used by three credit unions with a total of approximately 16.5k members and allows these members to benefit from 24 hour online access to their accounts, and receive faster payments on a loan on the same day, usually within 4 hours.</p><p> </p><p>CUEP led to a number of credit unions to merge, and others to work together to develop standardised products and deliver local marketing campaigns to increase membership. CUEP also contributed to credit unions on the platform to increase the amount and value of loans made.</p><p>CUEP ended on 16 February 2018 and it is too early to say what effect it had on the credit union sector. It should be noted that the credit union sector has grown over the lifetime of CUEP. As of January 2018, credit unions in Great Britain serve over 1.1 million adult members and have total assets of £1.5 billion and £815m in loans.</p><p>The project will undertake an evaluation as part of the project closure.</p>Biography information for Guy OppermanHexhamGuy Opperman2018-03-27133223false2018-03-27T12:48:52.873Z29Work and PensionsWork and Pensions2018-03-19Credit Unions1House of CommonsTo ask the Secretary of State for Work and Pensions, what assessment he has made of the outcome of the Credit Union Expansion Project.falseBiography information for Ruth CadburyBrentford and IsleworthRuth Cadbury133221Department for Work and Pensions<p>The contractor for the Credit Union Expansion Project (CUEP) facilitated access to a standardised banking service. This banking platform allows credit union members to receive a range of banking services and benefit from more affordable credit. The platform is currently used by three credit unions with a total of approximately 16.5k members and allows these members to benefit from 24 hour online access to their accounts, and receive faster payments on a loan on the same day, usually within 4 hours.</p><p> </p><p>CUEP led to a number of credit unions to merge, and others to work together to develop standardised products and deliver local marketing campaigns to increase membership. CUEP also contributed to credit unions on the platform to increase the amount and value of loans made.</p><p>CUEP ended on 16 February 2018 and it is too early to say what effect it had on the credit union sector. It should be noted that the credit union sector has grown over the lifetime of CUEP. As of January 2018, credit unions in Great Britain serve over 1.1 million adult members and have total assets of £1.5 billion and £815m in loans.</p><p>The project will undertake an evaluation as part of the project closure.</p>Biography information for Guy OppermanHexhamGuy Opperman2018-03-27133221false2018-03-27T12:48:52.937Z29Work and PensionsWork and Pensions2018-03-19Credit Unions1House of CommonsTo ask the Secretary of State for Work and Pensions, what effect the Credit Union Expansion Project had on access to finance for people who are financially excluded.falseBiography information for Ruth CadburyBrentford and IsleworthRuth Cadbury133223100142